Shiba Inu’s price is soaring above 80%, but why isn’t Dogecoin following suit?

Year to date, SHIB has accumulated nearly 80% in price increases, while DOGE is just over 30%, according to data from CoinMarketCap. The record runs from Jan. 1 to the time of this writing, Monday morning, Feb. 6.

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During this time, the Shiba Inu has gone from $0.00000808 to $0.00001458 per unit. The dogecoin, meanwhile, has gone from $0.07024 at the beginning of the year to $0.09225 currently.

Both crypto-currencies performed similarly in January, although SHIB also outperformed DOGE during that period, rising 46% versus 36%. The scales have finally tipped in Shiba Inu’s favor so far in February, where it’s up another 23%, while Dogecoin is in the red, down just over 4% for the month, despite getting a boost from Twitter and Elon Musk in late January.

Over the past 30 days, trading volume for both crypto-currencies has been virtually identical. Traders in both cases moved about $32 billion in each crypto-currency on exchanges, according to CoinMarketCap itself.

It’s been a positive start to the year for the overall market, which has crossed the $1 trillion mark in cumulative market capitalization for the first time since November. As we reported in CryptoNews, in addition to increases in bitcoin (BTC) and ether (ETH), some assets even managed to double their value in the first days of 2023.